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The Public Facilities Corporation, LISD and TEA

The Public Facilities Corporation, LISD and TEA. Coming 9-1-03. LISD Needs. Additional funding for Construction Projects. Specific Needs. $15 M for Memorial Middle $6M for Food Services $1.5M for Transportation $5.5M Cigarroa Middle and High Total $28 Million

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The Public Facilities Corporation, LISD and TEA

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  1. The Public Facilities Corporation, LISD and TEA Coming 9-1-03

  2. LISD Needs • Additional funding for Construction Projects

  3. Specific Needs • $15 M for Memorial Middle • $6M for Food Services • $1.5M for Transportation • $5.5M Cigarroa Middle and High • Total $28 Million • Includes hard costs, soft costs, land, etc.

  4. Ready: • Laredo ISD must be ready by 9-1-03 to issue debt and set first payment

  5. Able • Requirements needed are location, survey, zoning, appraisal, title, environmental assessment

  6. Timeline • Very Tight Timeline .. May 12th to August 31, 2003

  7. Public Notice • 60 day period to allow for public comment

  8. How do we address the Needs? • A PFC at LISD

  9. What is the PFC Made up of? • Public corporation • Board = Directors • Allowed under law to issue debt allowable under EDA

  10. How do we get it done? • Through Partnerships via sound planning with TEA and Financial Advisors and bond counsel

  11. What does LISD Propose? A commitment from TEA, LISD and PFC

  12. The PFC Proposal • Public Notice • Set bond sale • Ratings, Bond Insurance, Closing

  13. The Collateral • Legal work on the real estate transaction.. LIEN on property like a bond……

  14. The Projects • Since the projects are not completely bid out, the amt of the project is set…

  15. The Potential • Link with TEA and establish PFC and qualify $25 M in bonds at 83% state and 17% local

  16. The Tax Rate • LISD has been collected 4% above target, thus no new taxes are needed.

  17. The Resolution • Resolution approval is to qualify for previous payments for expenses

  18. The Funding • Approximate $ 2M per year in new debt. • $1,6M in State EDA • $400k in local funds

  19. Summary • Timeline is very Tight • EDA has potential for LISD • Funding is available • Bonds will be issued for $25M to $28M • If no EDA funds, no issuance will take place • Lien on property • No tax increase necessary

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